Options Markets Signal Aggressive Bullish Bets
As the cryptocurrency market continues its upward momentum, Bitcoin and Ethereum traders are placing significant bullish bets in both on-chain and centralized options markets. Over $5 billion in BTC and ETH options expired on July 11, with traders showing a notable preference for call options as both assets soared to new highs. Bitcoin reached an all-time high above $118,000, while Ethereum surpassed the crucial $3,000 psychological level, signaling renewed confidence among market participants (source [6]).
Inflation Data Fails to Dampen Crypto Optimism
Despite the anticipation surrounding upcoming U.S. inflation data, the prevailing sentiment among crypto traders is that macroeconomic indicators are taking a back seat to market-specific dynamics. The options market data reveals a shift: while the put-call ratio for BTC options was initially above 1, indicating some hedging, the last 24 hours saw call volume double that of puts, dropping the ratio to 0.53. Similarly, Ethereum options saw a surge in bullish call activity, with the put-call ratio falling to 0.52 as ETH broke above $3,000 (source [6]).
Institutional Flows and Technical Breakouts Drive Sentiment
The recent rally is not just retail-driven. Institutional inflows into Ethereum ETFs have surpassed $320 million since July 7, with BlackRock’s ETHA capturing the lion’s share. This influx, combined with rare moments where ETH futures volume has overtaken BTC’s, points to a broadening of institutional interest beyond Bitcoin (source [3]).
Technical analysts note that Bitcoin’s price action remains robust, with experts predicting a potential climb to $135,000 before any significant pullback. Ethereum’s implied volatility has also decreased, suggesting traders expect a period of sustained growth rather than sharp corrections (source [2]).
Focus Shifts Beyond Macroeconomics
While U.S. inflation and broader macroeconomic factors remain important, the current crypto market narrative is increasingly driven by internal catalysts—such as ETF inflows, technical breakouts, and evolving options market dynamics. As traders continue to bet big on further gains, the resilience of Bitcoin and Ethereum underscores a growing belief that digital assets are maturing into a market less tethered to traditional economic cycles.
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